Despite of Bold Action from Govt. on Reforms front, S&P Lowered India's GDP forecast to 5.5%. S&P have already cut India’s sovereign rating of `’BBB-’ to negative from stable in April. Even Moody’s was unimpressed by the reforms and said last week that the measures were too small to affect the country’s sovereign rating.
CRISIL too had slashed its forecast for the country’s GDP growth to 5.5% from 6.5% for this fiscal. HSBC has also cut growth forecast for fiscal 2012-2013.
India’s Planning panel also lowered annual average economic growth rate to 8.2% in the 12th Five Year Plan (2012-17) from the earlier 9% due to lower economic growth and lack of appropriate policy measures.
Mean While PMEA Council Chairman C Rangarajan said today that India's growth rate is expected to pick up in the second half of this fiscal and reach 6.7% for entire 2012-13
He said the agriculture performance this year would also be better than what was expected a few months ago. "Therefore, taking all these factors into account, I expect there will be a growth rate of 6.7% in current (financial) year.
Lets wait and See how S&P going to react on its Rating Front - as Govt of India has taken a very delayed action on Reforms front like FDI / Reducing Subsidy Bills by contracting fiscal Deficit etc., etc., blaw blaw blaw..
>>> NIFTY <<<
>Click the chart to see it on full screen<
A small symmetrical triangle break down - confirmed that Nifty shall fall upto 5600 & 5560. Negative Divergence on Hourly chart also confirmed the fall. 5540 which is a second gap may get filled possibly.
>>> HINDALCO <<<
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Hindalco - Was earlier in our List - Shorted and Earned also. Please refer the Performance for this month. Today also went Short -
Chart shows Negative Divergence - Unlike earlier - the counts were little bit changed and looking for a Target of 113.8 & 109 as marked on Chart.
>>> HDIL <<<
>Click the chart to see it on full screen<
HDIL - another case of Negative Divergence or Fake Price Movement - As shown on Chart - today have broken a small channel and tomorrow if trades below 88-89 then should fall more.
Lets See!!! Cheers!!!
